ALBUQUERQUE, NM (KRQE) – People looking to rent an apartment say prices are rising fast. Now new numbers are supporting them. New data from the Apartment List website shows that 2021 has seen some of the fastest growing apartment rentals across the country, including in Albuquerque.
“Definitely very surprised at how far they’ve reached their level,” said Audrina Sweet, real estate agent at Venturi Realtor Group with Keller Williams.
In Albuquerque, the price of new apartment listings rose 23% in one year, one of the largest increases in the country. Sweet said many people are relocating to the area for employment opportunities as companies like Amazon and Netflix expand their operations. She also said it reflects what the housing market sees.
“A lot of people are looking to buy, but with the upcoming housing shortage and so many people looking for a home, a lot of people have to look to renting,” Sweet said.
While prices may start to stabilize soon as they usually do at this time of year, the higher prices could be here to stay.
“Everyone expects to see a little slowdown, because right now, with the holidays approaching and winter, things are slowing down a bit. I don’t think we’re going to go back to normal which is what we’re used to, I think we’re still going to see a little bit of increases, especially in these big floor plans, ”said Sweet.
Since March 2020, prices for apartments for rent have increased by around 31% in the city. This places Albuquerque just outside the top ten cities that saw the strongest growth in rents, which included the areas of Tampa, Phoenix, and Las Vegas.
Currently, the median rental price for a one-bedroom apartment is $ 1,000 and $ 1,260 for a two-bedroom apartment. These prices are still a few hundred dollars less than the Phoenix area but a few hundred more than El Paso.
Home prices have also skyrocketed over the past year in the Albuquerque area. They are up 11% with the median price now at $ 292,000. Demand is strong, with homes selling almost twice as fast as last year.